LEVIN WINDER, Esq. GOVERNOR.

59

make good any losses that may possibly happen,
BE IT THEREFORE ENACTED, That no transfer
shall be made of the stock or shares of any member of
this corporation, but such as shall be approved of by at
least seven of the directors lor the time being, who shall
vote by ballot for that purpose, after which admission
the directors shall renew the security, and cause the
transfer to be entered on their books kept fur that pur-
pose, and the purchaser shall thenceforth be entitled to
all the benefits and subject to all the losses, to which
the original proprietor would be entitled or subjected.

Dec. Sess.

1813.

12. AND BE IT ENACTED, That the president
for the time being by the order and direction of the di-
fectors, shall have full power and authority in the name
and on behalf of the corporation, to vest the capital and
surplus funds of the corporation from time to time in the
public funds or banks of the United States, or of any
particular state.

Capital and
surplus funds.

13. AND BE IT ENACTED, That such part of the
profits arising to the said corporation from premiums or
otherwise as the president and directors may deem prop-
er, shall from time to time be by them retained and ad-
ded to the aforesaid original stock, until the same with
such additional sums shall amount to and form a capital

Profits.

stock of seven hundred thousand dollars; Provided,
That no sum thus retained, shall at any time exceed one

fourth part of the dividend that may be declared.

Proviso.

14. AND BE IT ENACTED, That the Universal
Insurance Company shall be, and are hereby declared to
be capable of purchasing and holding in fee simple, to
them and their successors forever, a lot or parcel of
ground situated in the city of Baltimore, for the purpose
of erecting thereon suitable buildings to accommodate
the said corporation in the transaction of their business
as an insurance Company; and the said corporation shall
be, and they are hereby declared to be capable of re-
ceiving a deed of conveyance for the same, and if ne-
cessary of executing a deed conveying their right and
title in and to the said lot, with its appertenances to any
person or persons whatever, in as full and effectual man-
ner as any person or body corporate may or can do, and
in the case of the execution of the deed by the said cor-
poration as aforesaid, it shall be sufficient and effectual
to every intent and purpose if the president shall thereto
subscribe and affix the seal of the corporation, and shall
in the name and in behalf of the said corporation, ack-
nowledge the same before such person or persons as the
law directs, in the cases of any person or persons exe-
cuting and acknowledging any deed for the conveyance
of land in fee simple.

May pur-
chase a lot.

15. AND BE IT ENACTED, That this act shall
continue in force for fifteen years from and after the pas-
sage of this act and to the end of the session of the Gen-
eral Assembly which shall be thereafter.

Term of in-
corporation.